Octopus (APAC) Subsidiary to Lose Corona, Budweiser Distribution Rights in Singapore
MT Newswires
Yesterday
Octopus (APAC) (SGX:43A) subsidiary, Octopus Distribution Networks, has received termination notices from two Anheuser-Busch InBev entities regarding the distribution agreements for the Corona and Budweiser brands in Singapore.
The distribution agreements will be terminated effective Sept. 15, according to a Thursday filing with the Singapore Exchange.
The parties have signed separate termination agreements to facilitate an orderly wind-down, transition to a new distributor, sell-off of remaining inventory, and the settlement of outstanding amounts by Aug. 31.
Octopus said it remains in talks with the AB InBev entities on a proposed new sole distribution agreement for certain AB InBev brands in Singapore.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.